http://fraser.stlouisfed.org/docs/meltzer/fisdeb33.pdfThe public psychology of going into debt for gain passes through
several more or less distinct phases: (a) the lure of big prospective
dividends or gains in income in the remote future; (b) the hope of selling
at a profit, and realizing a capital gain in the immediate future;
(c)the vogue of reckless promotions, taking advantage of the habituation
of the public to great expectations; (d) the development of downright
fraud, imposing on a public which had grown credulous and gullible.
I think you're wrong.
http://news.yahoo.com/p-warn-downgra...210739496.html
Germany can't borrow as is. What now?NEW YORK (Reuters) - Standard & Poor's is expected to announce later on Monday that it may downgrade the credit ratings of all 17 euro zone countries, two EU officials told Reuters.
The sources confirmed earlier reports that said S&P was preparing to place all the euro-zone countries --including those with top-tier AAA-ratings such as Germany and France -- on credit watch negative, which normally means a chance of downgrade within three months.
WH needs to slow down with the links........
I can't keep up without any Marnier on board.
This was a good read...
ah thanks. i'm reading Boomerang today. do you like Michael Lewis?
great airplane book
Never heard of him, I don't think.
The Big Short is his book on some of the guys who shorted the market before 2008. it's maybe a little better known, as is Moneyball, which was just released as a movie...
EVAY first singled him out for me, though in a dim way I have been aware of Moneyball by reputation for awhile.
recently mentioned by CC: Liar's Poker
http://www.guardian.co.uk/business/2...-bank-euro-ecbMario Draghi, the president of the European Central Bank, has announced a battery of emergency measures to rescue Europe's crisis-hit banks and unblock frozen financial markets, as Europe's leaders gather to discuss the future of the single currency.
The Frankfurt-based lender said it would cut interest rates for the second time in two months; make three-year loans to cash-strapped banks; and accept a far wider range of collateral, including mortgage-backed securities and other A-rated assets, in exchange for emergency loans.
Individual central banks within the eurozone will also be allowed to accept bank loans in exchange for liquidity, at their own risk.
Explaining the ECB's decisions at his regular press conference, Draghi said tensions in financial markets presented the greatest risk to Europe's economy.
"Intensified financial tensions are continuing to dampen the economic outlook," he warned.
The scale of the emergency measures, which also included a cut in the reserve ratios which banks are required to deposit with the ECB, from 2% to 1% from January, underlined how concerned the ECB has become about the risk of a credit crunch taking hold.
Good read. I thought his description of Texas boy Kyle Bass was a little over the top until I remembered I have relatives that fit the description (minus the money).
Mortgage-backed securities. Good stuff!The Frankfurt-based lender said it would cut interest rates for the second time in two months; make three-year loans to cash-strapped banks; and accept a far wider range of collateral, including mortgage-backed securities and other A-rated assets, in exchange for emergency loans.
@SnakeBoy: anecdotal in the best sense -- the stories help you get it
http://www.spiegel.de/international/...802674,00.htmlGermany and France have failed in their bid to amend the European Union treaties with the support of all 27 EU member states after the United Kingdom refused to get on board. Observers are warning of a split in the EU as a result.
The 17 euro-zone members and six other non-euro countries -- Bulgaria, Denmark, Latvia, Lithuania, Poland and Romania -- are now going to push ahead with a separate pact, French President Nicolas Sarkozy announced on Friday morning, following long talks in Brussels at the highly anticipated European Council summit. The pact would impose stricter budgetary discipline on countries in a bid to bring the crisis under control.
In addition to Britain, Hungary said it would not support a change in the EU treaties, while Sweden and the Czech Republic will consult their parliaments before deciding if they want to be involved, Sarkozy said.
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